Value is the deciding factor that greatly influences the investment decision. In the Kingdom of Saudi Arabia, cities such as Riyadh, Dammam and Jeddah are competing to take the lead in the real estate market. If you are considering real estate investing, understanding the difference in prices between these cities can be crucial to choosing the right property. Let’s take a look at the comparison of apartment prices in Riyadh, Dammam, and Jeddah.
Riyadh: the capital of investment
Riyadh is a major business and trade center in the Kingdom, making it an attractive destination for real estate investors. Apartment prices in Riyadh vary according to location and features, with prices ranging from luxury to economical. Apartments in upscale neighborhoods such as Olaya and Rabwa are more expensive than those in other neighborhoods. In general, apartment prices in Riyadh can generally range between 300,000 to 700,000 Saudi riyals for units of medium size. Apartments in upscale neighborhoods such as Olaya and Rabwa may be more expensive compared to other neighborhoods. Here are some neighborhoods in Riyadh:
Olaya District:
It is considered one of the most prestigious neighborhoods in Riyadh and includes a large group of luxury apartments. There are high-quality apartments available here, characterized by high-end finishes and distinguished services. Apartments in this neighborhood are among the most sought-after and distinguished in the real estate market, and their prices usually range between high and medium.
Al-Rabwah Neighborhood:
Al-Rabwah neighborhood is one of the most prestigious and sought-after residential areas in Riyadh. The neighborhood includes many luxury apartments with modern designs and high-end facilities. Apartments of different sizes are available here to suit different needs and budgets.
Al Nakheel District:
Al Nakheel District is one of the upscale neighborhoods in Riyadh, as luxury apartments with modern designs are available here. The apartments in this neighborhood are characterized by tranquility and integrated services, making them an ideal choice for families and individuals alike.
Sulaymaniyah District:
Sulaymaniyah District is one of the upscale and desirable neighborhoods in Riyadh, and is located in the north of the capital. The neighborhood is characterized by the availability of a variety of apartments, ranging from affordable apartments to luxury units. The neighborhood also includes many vital amenities such as schools, malls, restaurants, and stores, making it an ideal place to live and invest.
Al-Malaz neighborhood:
It is one of the oldest neighborhoods in Riyadh and is distinguished by its diverse housing styles. There are many apartments in Al Malaz of various sizes and designs, to suit the needs of different residents. The neighborhood enjoys a central location in the capital and the availability of many facilities and services, making it an attractive station for investors and residents alike.
Dammam: The capital of the Eastern Sea
Dammam is famous for its strategic location on the coast of the Arabian Gulf, and is a major center for business and industry in the Eastern Province. This city offers a variety of apartment options, whether on the waterfront or in urban neighborhoods. Prices vary depending on location and equipment. Apartment prices in Dammam range between approximately 250,000 to 600,000 Saudi riyals for units with average specifications. While apartments overlooking the sea or located in prestigious neighborhoods such as Al Faisaliah can be more expensive.
Al-Aqiq: Al-Aqiq neighborhood is one of the most prestigious neighborhoods in Dammam, and is located in the heart of the city. The neighborhood offers a variety of luxury apartments and spacious homes, with easy access to vital facilities and public services.
Al-Nakhil: Al-Nakhil neighborhood is a quiet and comfortable residential area in Dammam, where apartments of various sizes and designs are available. Hence, the neighborhood features green spaces and recreational areas, so it is an ideal place to live and raise a family.
Al-Faisaliah: Al-Faisaliah neighborhood is one of the lively neighborhoods in Dammam, as there are many apartments, residential and commercial buildings. The neighborhood includes shopping malls, restaurants and cafes, therefore, it is a favorite destination for families and young people alike.
Here is the average price per square meter for the city of Dhah, Riyadh, and Dammam, as stated by the General Real Estate Authority
Jeddah: A coastal city rich in diversity
Jeddah is the Kingdom’s gateway to the Red Sea, and is famous for tourism, trade, and various economic activities. The apartments in Jeddah are distinguished by their diversity, with luxury apartments available in neighborhoods such as the Corniche and Al Hamra, and more affordable residential units in other neighborhoods. Apartment prices in Jeddah range between 400,000 to 1,000,000 Saudi riyals for units with medium specifications. Apartments in the Corniche, Al Hamra, and other marine neighborhoods cost more compared to those in inland neighborhoods.
Corniche: It is one of the most prominent neighborhoods in Jeddah, as it is located along the sea coast and provides wonderful views of the Red Sea. There are luxury apartments that provide all the amenities and entertainment, with easy access to restaurants and commercial facilities.
Al-Hamra: Al-Hamra is one of the upscale neighborhoods in Jeddah, characterized by its tranquility and family-friendly atmosphere. There is also a variety of luxury apartments and houses with modern designs, making it a preferred destination for living.
Al Rawabi: It is one of the lively neighborhoods in Jeddah, providing a diverse mix of services and facilities. There are apartments available at medium prices that suit various residential categories, in addition to the presence of schools and shops nearby.
Read also about real estate valuation methods: A guide to understanding real estate value in the Saudi market
Conclusion:
Riyadh, Dammam and Jeddah offer different investment opportunities in the real estate market, and the value depends on local and general economic factors. Consider your investment goals and the features and services available in each city before investing in real estate. For fixed income through rentals, consider investing in Riyadh due to its high demand for residential units. While if you prefer to invest in tourist or waterfront real estate, Jeddah or Dammam may be the most suitable option for you.
Ultimately, choosing between Riyadh, Dammam, and Jeddah depends on your investment goals, budget, and opportunities each city presents.
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